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A Neurolinguistic Approach to Performativity in Economics

Author

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  • C. Herrmann-Pillath

Abstract

What makes institutions "real"? One central notion has been emerging recently in sociology, which is ‘performativity’, a term borrowed from the philosophy of language. The author proposes a neurolinguistic approach to performativity that is based on John Searle’s theory of institutions, especially his concept of a "status function" and his explanation of rule-following as a neurophysiological disposition. Positing a status function, the article shows, is a performative act. The author applies the concept of "conceptual blending" borrowed from cognitive science to the status function, and gives empirical applications from the research on performativity in financial markets. He also sketches the underlying neuroscience framework following the neural theory of metaphor, which is illustrated empirically with examples from behavioral finance and neuroeconomics.

Suggested Citation

  • C. Herrmann-Pillath, 2011. "A Neurolinguistic Approach to Performativity in Economics," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 2.
    • Handle: RePEc:nos:voprec:y:2011:id:1228
    DOI: 10.32609/0042-8736-2011-2-50-74
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    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • D87 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Neuroeconomics

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